REG-Lon.&Assoc.Props PLC: Half-year Report <Origin Href="QuoteRef">LAS.L</Origin> - Part 2
31/08/2016 08:05
- Part 2: For the preceding part double click ID:nPRrU2CDDa
£'000 £'000 £'000
Revenue
LAP
- Rental Income 3,040 3,027 6,129
- Management income from third parties 264 329 696
Bisichi
- Rental Income 530 488 1,014
- Mining 10,395 13,392 24,640
Dragon
- Rental Income 90 99 187
14,319 17,335 32,666
Operating profit/ (loss)
LAP 1,253 1,251 1,956
Bisichi 298 477 (65)
Dragon 64 69 103
1,615 1,797 1,994
(Loss)/ profit before taxation
LAP (1,057) (554) (1,886)
Bisichi 142 389 (217)
Dragon 32 34 10
(883) (131) (2,093)
2. Finance costs 6 months ended 30 June 2016 (unaudited) 6 months ended 30 June 2015 (unaudited) Year ended 31 December 2015 (audited)
£'000 £'000 £'000
Finance income 65 63 123
Finance expenses:
Interest on bank loans and overdrafts (1,131) (1,075) (2,258)
Other loans (659) (748) (1,359)
Unwinding of discount (Bisichi Mining PLC) (38) (42) (79)
Interest on derivatives (145) (148) (295)
Interest on obligations under finance leases (126) (150) (230)
Total finance expenses (2,099) (2,163) (4,221)
(2,034) (2,100) (4,098)
Notes to the half year report - continued
3. Income tax 6 months ended 30 June 2016 (unaudited) 6 months ended 30 June 2015 (unaudited) Year ended 31 December 2015 (audited)
£'000 £'000 £'000
Current tax 141 2 (10)
Deferred tax 225 103 (37)
366 105 (47)
4. Earnings per share 6 months ended 30 June 2016 (unaudited) 6 months ended 30 June 2015 (unaudited) Year ended 31 December 2015 (audited)
Group loss after tax (£’000) (1,327) (443) (1,899)
Weighted average number of shares in issue for the period ('000) 85,053 85,004 84,951
Basic earnings per share (1.56)p (0.52)p (2.24)p
Diluted number of shares in issue ('000) 85,053 85,004 84,951
Diluted earnings per share (1.56)p (0.52)p (2.24)p
5. Property
Properties at 30 June 2016 are included at valuation as at 31 December 2015,
plus additions in the period.
During the six months ended 30 June 2016 the group had property additions of
£0.1 million (30 June 2015: £0.045 million, 31 December 2015: £0.36
million).
No properties were sold during the six months ended 30 June 2016 (carrying
value of properties sold at 30 June 2015: £Nil, 31 December 2015: £Nil).
6. Interest rate derivatives
At 30 June 2016 the fair value liability was £1,053,000 as valued by the
hedge provider (30 June 2015: £515,000, 31 December 2015: £587,000).
At 30 June 2016 the fair value asset was £4,000 as valued by the hedge
provider (30 June 2015: £Nil, 31 December 2015: £15,000).
Under IFRS 13 the hedges are not deemed to be eligible for hedge accounting
and any movement in the value of the hedge is charged directly to the
consolidated income statement.
Notes to the half year report - continued
7. Net assets per share 30 June 2016 (unaudited) 30 June 2015 (unaudited) 31 December 2015 (audited)
Shares in issue ('000) 85,094 84,975 84,808
Net assets per balance sheet (£'000) 38,892 42,063 40,078
Basic net assets per share 45.7p 49.5p 47.26p
Shares in issue diluted by outstanding share options ('000) 85,094 84,975 84,808
Net assets after issue of share options (£'000) 38,892 42,063 40,078
Fully diluted net assets per share 45.7p 49.5p 47.26p
8. Related party transactions
The related parties and the nature of costs recharged are as disclosed in the
group’s annual financial statements for the year ended 31 December 2015.
The group, during the period, was repaid the remaining £127,000 of the
unsecured loan by Langney Shopping Centre Unit Trust (a joint venture).
The assets held for sale in Langney Shopping Centre Unit Trust were sold
during the period for £2,335,000.
9. Dividends
There is no interim dividend payable for the period (30 June 2015: Nil).
The final dividend in respect of 2015 of 0.16p per share, amounting to
£136,000, was paid on 15 July 2016. As the 2015 final dividend was approved
by the shareholders at the Annual General Meeting held on 9 June 2016, it is
included as a liability in these interim financial statements.
10. Risks and uncertainties
The group’s principal risks and uncertainties are reported on pages 20 and
21 in the 2015 Annual Report. They have been reviewed by the Directors and
remain unchanged for the current period.
The largest area of estimation and uncertainty in the interim financial
statements is in respect of the valuation of investment properties (which are
not revalued at the half year) and the valuation of interest rate derivatives.
For our subsidiary, Bisichi Mining PLC, it also relates to currency movements
and coal mining activities in South Africa, including depreciation, impairment
and the provision for rehabilitation (relating to environmental rehabilitation
of mining areas).
Notes to the half year report - continued
11. Financial information
The above financial information does not constitute statutory accounts within
the meaning of section 434 of the Companies Act 2006. The figures for the
year ended 31 December 2015 are based upon the latest statutory accounts,
which have been delivered to the Registrar of Companies; the report of the
auditor’s on those accounts was unqualified and did not contain a statement
under Section 498(2) or (3) of the Companies Act 2006.
As required by the Disclosure and Transparency Rules of the UK's Financial
Services Authority, the interim financial statements have been prepared in
accordance with the International Financial Reporting Standards (IFRS) and in
accordance with both IAS 34 'Interim Financial Reporting' as adopted by the
European Union and the disclosure requirements of the Listing Rules.
The half year results have not been audited or subject to review by the
company's auditor.
The annual financial statements of London & Associated Properties PLC are
prepared in accordance with IFRS as adopted by the European Union. The same
accounting policies are used for the six months ended 30 June 2016 as were
used for the year ended 31 December 2015.
As stated in the 2015 Annual Report in the group accounting policies, Bisichi
Mining PLC and Dragon Retail Properties Limited are consolidated with LAP, as
required by IFRS 10.
The assessment of new standards, amendments and interpretations issued but not
effective, is that these are not anticipated to have a material impact on the
financial statements.
There is no material seasonal impact on the group’s financial performance.
Taxes on income in the interim periods are accrued using tax rates expected to
be applicable to total annual earnings.
The interim financial statements have been prepared on the going concern basis
as the Directors are satisfied the group has adequate resources to continue in
operational existence for the foreseeable future.
12. Board approval
The half year results were approved by the Board of London & Associated
Properties PLC on 30 August
2016.
Directors' responsibility statement
The Directors confirm that to the best of their
knowledge:
(a) the condensed set of financial statements have been prepared in accordance
with applicable accounting standards and IAS 34 Interim Financial Reporting as
adopted by the EU;
(b) the interim management report includes a fair review of the information
required by:
(1) DTR 4.2.7R of the Disclosure and Transparency Rules, being an indication
of important events that have occurred during the first six months of the
financial year and their impact on the condensed set of financial statements ;
and a description of the principal risks and uncertainties for the remaining
six months of the year; and
(2) DTR 4.2.8R of the Disclosure and Transparency Rules, being related party
transactions that have taken place in the first six months of the current
financial year and that have materially affected the financial position or
performance of the entity during that period; and any changes in the related
party transactions described in the last annual report that could do
so.
This report contains forward-looking statements. These statements are based on
current estimates and projections of management and currently available
information. Future statements are not guarantees of the future developments
and results outlined therein. Rather, future developments and results are
dependent on a number of factors; they involve various risks and uncertainties
and are based upon assumptions that may not prove to be accurate. Risks and
uncertainties identified by the Group are set out on pages 20 and 21 of the
2015 Annual Report & Accounts. We do not assume any obligation to update the
forward-looking statements contained in this report.
Signed on behalf of the Board on 30 August 2016
Sir Michael Heller Anil Thapar
Director Director
Directors and advisors
Directors Executive directors * Sir Michael Heller MA FCA (Chairman) John A Heller LLB MBA (Chief Executive) Anil K Thapar FCCA (Finance Director)
Non-executive directors † Howard D Goldring BSC (ECON) ACA #†Clive A Parritt FCA CF FIIA Robin Priest MA
* Member of the nomination committee # Senior independent director † Member of the audit, remuneration and nomination committees.
Secretary & registered office Anil K Thapar FCCA 24 Bruton Place, London W1J 6NE
Registrars & transfer office Capita Asset Services Shareholder Services The Registry, 34 Beckenham Road Beckenham, Kent BR3 4TU
Telephone 0871 664 0300 (Calls cost 12p per minute + network extras, lines are open Mon-Fri 9.00am to 5.30pm) or +44 208 639 3399 for overseas callers Website: www.capitaassetservices.com E-mail: shareholderenquiries@capita.co.uk
Company registration number 341829 (England and Wales)
Website www.lap.co.uk
E-mail admin@lap.co.uk
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